How does the sensitivity of prices to public information changes along a production chain? We examine this question in a setting where prices in a stage affect the cost of next stage firms and also contain information about the unobserved state of the economy. Our results depend on the information structure. Prices rely more on public information along the chain when it is exogenous and equal across stages or perfectly reveals the price of inputs (information chains). This result may be reverted if the price of inputs is imperfectly observed (information in chains).